Rajeev Peshawaria Celebrated in Board Stewardship’s ‘Hall of Fame’ as the ‘Steward of Sustainability’
In recognition of his contributions to sustainability and steward leadership, Rajeev Peshawaria, CEO of Stewardship Asia Centre, has been inducted into the Board Stewardship’s prestigious “Hall of Fame.” He was conferred the title of ‘Board Stewardship’s Steward of Sustainability’ for his visionary efforts in championing sustainability and steward leadership on a global scale. His presence will inspire the Board community in India and globally to adhere to Board Stewardship values.
He is the author and co-author of several influential books on leadership, such as ‘Too Many Bosses, Too Few Leaders,’ ‘Open Source Leadership,’ and ‘Be The Change,’ which offer actionable advice and strategies for addressing the challenges of contemporary business environments. In his book ‘Sustainable Sustainability: Why ESG Is Not Enough,’ Rajeev explores the gaps in the existing Environmental, Social, and Governance (ESG) framework widely adopted by companies today.
Rajeev delivered an engaging keynote address, shedding light on the urgent challenges and opportunities facing businesses and society in today’s “existential times.” Drawing from his extensive experience as an author and global speaker on steward leadership, Peshawaria emphasised the critical role of businesses in addressing environmental, social, and governance (ESG) issues while maintaining profitability.
“We live in a world where everyone and everything is naked,” Peshawaria remarked, underscoring the unprecedented visibility of corporate actions in the digital era. He highlighted that whether companies act—or fail to act—on existential challenges, their choices are inevitably in public view. “Make a choice where you want to be,” he urged his audience. Highlighting the growing prominence of ESG, Peshawaria noted the proliferation of over 850 ESG rating systems globally. Yet he pointed out a glaring disconnect: despite $43 trillion reportedly sitting in ESG funds, very little is being directed toward tangible environmental and social impact. “Where is the $43 trillion going?” he asked, highlighting that much of this capital is tied up in interbank trading rather than meaningful projects.
Despite significant regulatory advancements, such as ESG-linked CEO compensations and green tax incentives in over 100 countries, Peshawaria lamented the lack of real-world progress. “Inequality is increasing, not decreasing,” he said, sharing a stark statistic: the top 1% of the world’s wealthiest individuals earn twice as much as the remaining 99%. Furthermore, he questioned whether governance (G) in its current form could adequately address environmental (E) and social (S) challenges. “Governance today is reactive,” he argued, emphasising that regulations typically set minimum standards rather than incentivising maximum innovation needed to combat climate change and inequality.
To illustrate the feasibility of “doing well by doing good,” Peshawaria shared compelling case studies, such as Paul Polman’s tenure at Unilever, during which the company provided a 290% return to shareholders while reducing environmental harm and amplifying positive social impact. He highlighted Starbucks under Howard Schultz for prioritising employee well-being by offering healthcare benefits even to part-time workers and employing a significant number of specially-abled individuals. He also commended the Tata Group for its long-standing commitment to community welfare, quoting Jamsetji Tata’s 19th-century vision of sustainability. Peshawaria shared the transformative story of Thailand’s Golden Triangle, where a barren, deforested area previously dominated by the drug trade and prostitution was revitalised into a hub for profitable, community-owned businesses. “This transformation was possible because of the vision of one woman—the Thai Princess Mother,” he said.
Addressing the spectrum of corporate actions, Peshawaria categorised companies into those that falsely claim sustainability efforts, those in denial about environmental or social issues, those focused on superficial sustainability efforts, those meeting only regulatory requirements, and those creating profitable solutions to societal challenges. “The difference between the left and right sides of this spectrum is simple,” he explained. “The left profits from today’s challenges; the right creates profitable solutions for them.”
He introduced the concept of ‘steward leadership,’ which he defined as “the genuine desire and persistence to create a better future—not just for shareholders but for stakeholders, society, future generations, and the environment.” He emphasised that solving global challenges requires a shift from reactive governance to proactive, innovative leadership. “Regulation cannot mandate innovation,” he said. Instead, businesses must adopt a purpose-driven approach, leveraging steward leadership to integrate societal and environmental well-being into their core strategies.
Through his compelling insights and illustrative examples, Peshawaria left the audience with a clear message: corporations hold the power—and responsibility—to shape a sustainable and equitable future. “Profit is a good word,” he concluded, “but it must come from solving human problems.”
